A note on a characterization theorem for a certain class of domains

We have introduced and studied in [3] the class of Globalized multiplicatively pinched-Dedekind domains (GMPD domains). This class of domains could be characterized by a certain factorization property of the non-invertible ideals, (see [3, Theorem 4]). In this note a simplification of the characterization theorem [3, Theorem 4] is provided in more general form

Corruption: Its Definitions and Typologies

Corruption is one of the central issue facing developing state, be that dictatorship or democracies. Once seen as a problem largely confined to the low paid people, the explosion of scandals in well established politicians, bureaucrats and businessmen over the last two decades has demonstrated that no one is immune to the corrosive impact of corruption. This paper is an effort to bring together the developed and developing state, which approaches the issue of corruption from a variety of different analytical perspectives. Attention is devoted to such questions as how corruption is to defined, how it operates in practice, what its impact on the society. Keywords: Corruption and its typologies, Social problems, Government and society, United States of America, Pakistan

Knowledge Workers’ Ethical & Social Responsibilities

This paper elaborates the Knowledge Workers’ social responsibilities and ethics. Research work contains a number of resources that were used to blend the research content along with Information System and IT activities into an exciting and practical working experience. The study focuses the general attitude of knowledge workers and provides recommendations to help every executive who wants to understand the ethical and social responsibilities of the knowledge workers in the info-tech environment. Through practical survey report, it was tried to analyze the workforce attitude about their responsibilities. The paper also provides recommendations for productive results of employees in the Info-Tech environment based on the executives’ strategy before switching from manual to new innovative IT system. The Info-Tech level of organizations that relate the efforts to get executives involved with the concept s they are supporting to modify their existing set up from manual to computerized one for productive results is the focus area for research where executives face more complicated situations based on the reality of understanding while switching form functional management to knowledge management. It was tried to prove that the efficiency in the organization’s operation management because of the knowledge workers’ attitude that affects the overall results of organization efficiently and effectively. Keywords: Knowledge Worker, Social Responsibilities and Ethics, Knowledge Management, Information & Communication Technology (ICT), Organizational Productivity

Analysis of Investor Overreaction Effect and Random Walk: A Case Study of Pakistan Stock Exchange

Research in behavioral finance put forward that in violation of Bayes’ theorem rule and involving in Noise trading, majority of the investors in stock market tend to underreact or overreact to unanticipated bad and good news. One of the investor anomalies “Overreaction effect†in 30 firms listed in Pakistan Stock Exchange has been investigated in this study with the help of the portfolios of Loser and Winner Average Cumulative Abnormal Return’s. Moreover, the Random Walk is checked over the average prices of the same 30 firms listed in Pakistan stock market. This research of market efficiency took stocks data of randomly selected 30 firms listed in Pakistan Stock Exchange on weekly basis whether such investor’s anomalies affect stock prices. The result presents that there exist weak form of efficiency where the investor Overreaction present over many periods especially in global financial crises. Along with it, the Econometric test confirms the presence of Random Walk in the thirty firms of Pakistan stock market. Finally, the portfolios of loser Average Cumulative Abnormal Return’s outperformed that of portfolios of winner Average Cumulative Abnormal Return’s

Impact of Corporate Governance Compliance and Financial Crisis on Stock Liquidity: Evidence from Pakistan

This study examines the impact of corporate governance compliance and global financial crisis on stock liquidity of Pakistani listed non-financial firms. By using a sample of 170 firms for the period of 2007 to 2016, and employing fixed effect regression model, the study finds a positive relationship between stock liquidity and corporate governance compliance, stating that more complied firms with the given code of corporate governance have better stock liquidity. The relationship of the global financial crisis with stock liquidity is negative and statistically significant, which means that stock liquidity of Pakistani listed firms is affected negatively during the global financial crisis. Conclusively, findings of the study signify the role of corporate governance compliance and financial crisis in determining stock liquidity of Pakistani listed firms, which have implications for investment and policymaking in Pakistan.  &nbsp

Users’ Perception and Satisfaction with Higher Education Commission Pakistan Research Repository (PRR): problems and opportunities

The purpose of this study was to know the users’ perception, awareness, purpose, problems, and satisfaction with Pakistan Research Repository (PRR). To meet the purpose, study was conducted in multiple phases. In the first phase, literature review was done. And, on the bases of reviewed literature, a semi structured questionnaire was developed. Data was collected via online survey from 400 users (LIS professionals & library users of Pakistan) of PRR. A convenience sampling method was used. The useable responses were 384 (96%). Results of the study revealed that majority (36.2 %) of the respondents came to know about PRR through library staff. Similarly, majority (74%) of the respondents agreed that they accessed the PRR to retrieve the material but a good number (19%) of participants responded that they accessed the PRR for both (to deposit & retrieve) purposes. The current study is first one in Pakistan of its type in terms of topic as no study has been conducted yet on this national program i.e. PRR. The study focuses on the importance of PRR from the users’ point of view. Problems and users’ satisfaction level with PRR are also discussed in the study

Ethical Values and Social Responsibilities among Knowledge Workers for Productivity and Success

This millennium is the era of the globalization and info-tech. Advancement in communication technologies, melting boundaries and attractive incentives from the multinational organizations demand strong ethical and social responsibilities with effective organizational culture among its employees for productive results. Fundamentally, civil society organizations are considered development agents as they work as watch-dog monitoring the social abuses. But the study suggests that it’s not government agencies to impose rules rather knowledge workers (KW) should realize and pay due respect to ethical and social values. The culture and internal environment play very important role where every individual respect the general rules and they do get inspiration from their leaders, supervisors and employers.  To get the best from people and their respective organizations, effective leadership role of the executives is crucial.  The study concludes that every executive must strongly admit the importance of ethics and social responsibilities as the future success of organizations demands thorough understanding of interaction between productivity and ethics among knowledge workers. Organizations should concentrate on introducing HRD programmes, strengthen service orientation and create synergies to educate their staff for the ethical norms while unlocking their potentials in order to achieve long lasting productive results. Keywords: ICT, Technological Advancement, Organizational Effectiveness, Ethics and Responsibilities, Knowledge Management, Learning and Development

The effect of the recent financial crisis on the financial and investment policies of UK private and public firms

Abstract The recent financial crisis, sparked as a result of the subprime market in the United States, is regarded by many researchers as the most severe financial crisis to happen since the Great Depression. This crisis has raised the important issue of the spill-over effect of the financial crisis into other sectors of the economy. However, evidence of the effect on firms' behaviour with respect to their financing and investment decisions is limited, and the existing research has mainly concentrated on the publicly listed firms in the US. It is also evident from the findings of existing published studies that the majority of studies do not reach a unanimous conclusion (Alien and Carletti 2008; Bakke 2009; Duchin, Ozbas and Sensoy 2010; Leary 2009; Lemmon and Roberts 2010; Lin and Paravisini 2010 a). Further, the focus of the majority of the existing studies is very narrow with respect to the components of capital structure. As a result, it is not clear from the existing literature which component of the capital structure is more sensitive to credit supply contractions than any other. Moreover, accounting regulations, financial reporting requirements and institutional features are different between the US and the UK, which high!(gl1Js the need for more research in this area. In addition, no systematic investigation into the financing and investment decisions of private firms during the crisis has ever taken place in the UK. The main purpose of this study is, therefore, to investigate the financial and investment decisions of both private and public listed finns during the time of the recent financial crisis in the UK. More specifically, this study investigates whether shocks to the supply of credit affect firms' leverage and determines which components of capital structure are affected by credit supply contractions. Further, the study investigates how firms manage their finances during a crisis period. In other words, how firms minimize the effect of credit contractions by resorting to alternative sources of finance such as internal funds, net debt issues, net trade credits and net equity issues. The study also examines whether firms manage their dividend payouts to maintain their financial slack. Finally, the study investigates the effect of the credit crisis on firms' performance and investment decisions. To investigate these issues, the study adopts a comprehensive strategy which consists of three elements, namely, identification of exogenous credit crisis, the use of film fixed effects model and the use of firm level control variables. Data for the analysis are extracted from the FAME and the Datastream databases for the period 2004-2009. A total of 4973 private firms are extracted from the FAME database and 2039 public firms are extracted from the Datastream database. The fixed effects analyses highlight that the financial crisis has adversely affected the total debt ratios of both types of firms. This effect is most significant on the short-term financing channel (such as short-term debt and trade credit) in the sample of private firms; while it is the trade credit channel that is negatively affected by the credit crisis in the sample of public firms. The effect on long-term and short-term debt is statistically insignificant in the sample of public firms. There are also differences in the way both types of firm responded to the credit crisis. Private firms, for example, issued more equity and held cash in response to the credit shortage. These firms do not move to net debt issues and net trade credits; nor do they adjust their dividend payout policies during the crisis period. The results further reveal that public firms use more internal funding and repurchase equity in response to the credit drought. These firms also reduced dividend payout to preserve their financial slack. In addition, public firms do not change to net debt issues and net trade credits in response to the credit supply shocks. Moreover, the results reveal that the performance and investment of both types of firm are adversely affected by the credit crisis. This highlights that the inability to obtain external credit and the relative lack of substitution towards alternative sources of finance have negatively affected the performance and investment of both types of firm. Further, in the private firms' sample, the increase in cash holdings and decline in investment suggest that funds raised through the equity issue may have been used to fmance the cash holdings of these firms. In the public firms' sample, decrease in cash reserve, dividend payout and investment in tangible assets suggests that internal funds may have been used to fmance the equity repurchases. Overall, the results suggest that financial and investment policies of private and public firms are sensitive to the credit supply shocks. 1

Policy Imperatives: Stabilisation of Production and Price Swings of Potato and Onion Crops in Pakistan

Potatoes and onions are bracketed ",ith other minor crops, but are consumed as a table food in almost every household. Thus both commodities are listed as sensitive food items. Production instability and erratic price behaviour of these crops adversely affect both producers and consumers. This leads to excess supply/demand situation with resultant price swings. These fluctuations are studied for the period 1972 to 1990-91. The demand for potatoes and onions is highly price inelastic (-0.07 and -.13 for potatoes) and (-0.10 and -0.17 for onions) in rural and urban areas, respectively [Najmi (1991), p. 193J. The year-to-year swings in supply coupled "ith an inelastic demand causes wide fluctuations in prices. Given a change in price, the change in quantity supplied is lagged and or distributed through time. Thus, a one-time increase in price would result in observed increases in quantity supplied over two or even more years. For both the crops, higher prices lead growers to increase production in a following period, which adversely affect prices and this in tum reduces acreage/production in the subsequent years and so on